Lanco Infratech sells Udupi Power plant to Adani

Lanco Infratech Ltd (LITL), the leading integrated infrastructure player in India having business verticals in EPC, Power, Solar, Natural Resources and Infrastructure has announced the sale of its 1200 MW Udupi Power Plant to Adani Power Ltd. The Karnataka Government has already approved further expansion of this plant to 1320 MW. The deal is valued at more than Rs 6,000 crore. The Adani Power has agreed to take over the debt of the Udupi Power Plant to the tune of Rs 4,000 crore and the balance Rs 2,000 crore will be paid to LITL in cash. LITL plans to use the sale proceeds to reduce its debt burden.